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On June 22, the IAASB released its ITC, seeking input on potential
changes to improve the information provided in the auditor’s report on
financial statements. The ASB has written a
letter requesting member input and providing access to the survey,
which will remain open through Sept. 10, 2012.

The IAASB’s suggested changes to auditor reporting include:

Providing additional information in the auditor’s report to
highlight matters that the auditor believes are likely to be most
important to users’ understanding of the audited financial
statements or the audit. This would be referred to as “Auditor
Commentary.” This information would be required for public-interest
entities, which at a minimum include listed entities, and could be
provided at the auditor’s discretion for other entities.

A conclusion by the auditor on the appropriateness of management’s
use of the going-concern assumption in preparing the financial
statements, and an explicit statement about whether material
uncertainties related to going concern have been identified.

A statement by the auditor identifying whether any material
inconsistencies between the audited financial statements and other
information have been found based on the auditor’s reading of other
information. Specific identification of the information considered
by the auditor also would be included.

Prominent placement of the auditor’s opinion and other
entity-specific information in the auditor’s report.